Risk Efficiency in the Interpretation of Agricultural Production Research
Risk is often perceived by farmers as being more formidable in new technologies emanating from agricultural research than in more traditional practices. Consequently risk may tend to act as an impediment to adoption of improved practices as well as a general friction on efficient use of resources. Research and extension workers in agriculture may thus wish to identify technologies that are not only "improved" (more productive and profitable on the average) but are also less risky in that they would be preferred by "risk-averse" farmers. The extent to which this identification can proceed in the absence of knowledge of farmers' individual attitudes to risk is explored here through application of the concepts of stochastic dominance.
Volume (Year): 42 (1974)
Issue (Month): 03 (September)
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- J. Brian Hardaker & A.G. Tanago, 1973. "Assessment Of The Output Of A Stochastic Decision Model," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 17(3), pages 170-178, December.
- G. Hanoch & H. Levy, 1969. "The Efficiency Analysis of Choices Involving Risk," Review of Economic Studies, Oxford University Press, vol. 36(3), pages 335-346.
- Day, Richard H & Aigner, Dennis J & Smith, Kenneth R, 1971. "Safety Margins and Profit Maximization in the Theory of the Firm," Journal of Political Economy, University of Chicago Press, vol. 79(6), pages 1293-1301, Nov.-Dec..
- Porter, R Burr & Gaumnitz, Jabk E, 1972. "Stochastic Dominance vs. Mean-Variance Portfolio Analysis: An Empirical Evaluation," American Economic Review, American Economic Association, vol. 62(3), pages 438-46, June.
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